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Prospect theory, crime and punishment

In: Research Handbook on Behavioral Law and Economics

Author

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  • Sanjit Dhami
  • Ali al-Nowaihi

Abstract

Dhami and Ali al-Nowaihi consider the applications of prospect theory to crime and punishment. The authors apply prospect theory to a generic model of crime and discuss the implications. They discuss two problems in depth. The first is the tax evasion problem. The second is a foundational result in law and economics, known as the Becker proposition. They also note the limitations of the framework.

Suggested Citation

  • Sanjit Dhami & Ali al-Nowaihi, 2018. "Prospect theory, crime and punishment," Chapters, in: Joshua C. Teitelbaum & Kathryn Zeiler (ed.), Research Handbook on Behavioral Law and Economics, chapter 7, pages 174-218, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14176_7
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    Cited by:

    1. Chopard, Bertrand & Obidzinski, Marie, 2021. "Public law enforcement under ambiguity," International Review of Law and Economics, Elsevier, vol. 66(C).

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    Keywords

    Economics and Finance; Law - Academic;

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